By Brandon Turner Two major books were published in 1926 that rocked our world: Winnie-the-Pooh and The Richest Man in Babylon. Although “stuffed with fluff,” Pooh Bear might have had a larger impact on American pop culture, but it’s The Richest Man in Babylon that has made a massive financial impact on untold millions of readers, myself included, over the past…
7 Timeless Lessons About Getting Rich From a Book Your Grandparents Read
Keep It Under Lock and Key: Safe Deposit Boxes
While an at-home safe should be part of your security plan, a safe deposit box may be more feasible for many of us. It provides privacy and security, protecting your items from theft and scrutiny. However, it’s essential to know what you should and shouldn’t store in your safe deposit box. It is not meant…
Why Life Insurance Has to Be Part of Your Wealth-Building Plan
By Mark J. Kohler Every day, life insurance companies pay death benefits to the beneficiaries of their policies, providing them with needed and certainly welcome funds. In essence, life insurance provides leverage: You pay a relatively small amount of money to the insurance company in the form of a “premium,” and the insurance company will provide a…
In Unusual Mid-Year Move, IRS Raises Standard Mileage Deduction
The Internal Revenue Service (IRS) made an unusual announcement on June 9, raising the optional standard mileage rate for the final six months of 2022. The move comes as sky-high gas prices continue across the country. The IRS hasn’t changed the mileage rate mid-year since 2011. Typically such increases are enacted in the fall, for…
6 Things You May Not Know About Medicare
Whether or not you are on Social Security at age 65, you are eligible for Medicare, as long as you are a U.S. citizen or lawful permanent resident. Medicare is federal health insurance for people 65 or older, and for some younger people with disabilities. Most people on Medicare have helped fund it over the…
Passing Down Wealth Without a Tax Burden
Parents and grandparents give a great deal to their children and grandchildren. One of the most tangible legacies they can give is generational wealth. When passing down wealth, most people want to avoid taxation as much as possible, so as to give the maximum amount to their heirs. Estate Tax Exemption An estate tax is…
Finding Financial Insights in Your Tax Return
Every year, every American that earned money is required to file taxes. Whether you are an individual who only receives income from an employer, a side hustler who earns a little more on the side, or a full-time business owner with a registered business, you can find some interesting insights into your business by reviewing your taxes. Start…
Beneficiary Designation: Don’t Leave Your Loved Ones in the Cold
June 25, 2022
admin
beneficiariesBrightdesignated beneficiariesinsurancepersonal financeretirementRetirement AccountsWealth Management
0 Comment
If you have life insurance policies, retirement accounts, or annuities, it’s your responsibility to designate a beneficiary. Naming a beneficiary ensures that your loved one or heir is taken care of in the manner you want. What Is a Beneficiary A will isn’t the only document that establishes who will receive your assets once you pass…
Tax and Retirement Consequences of Biden’s 2023 Budget Proposal
As part of the Biden administration’s fiscal year 2023 budget proposal, aka the Green Book, for the Treasury Department, Janet Yellen testified before the Senate Finance Committee and the House Ways and Means Committee in early June 2022. Her first stop was the Senate Finance Committee, where she testified on June 7 at a hearing on “The…
Venmo, PayPal and Zelle®: New Tax Reporting Rules
Venmo, Zelle®, and PayPal are familiar online payment platforms. They are peer-to-peer payment apps that allow you to transfer money. Some people use them to pay family and friends. Others use them to make business transactions. What are these payment apps, and when you use them, can your transactions be taxed? Increased Tax Reporting on Payment…
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`